The share of homes for sale that had experienced at least one price reduction in November jumped 24.1 percent compared to the same month last year, according to a monthly review of multiple listing service listings in 26 major markets conducted by national brokerage ZipRealty.

As of Dec. 1, sellers had cut asking prices on 304,421 listings. That’s 48.4 percent of all listings, flat from October, but up from 43.5 percent in November 2009. All but two markets — Charlotte, N.C., and Miami-Ft.Lauderdale-Palm Beach, Fla. — saw year-over-year increases in the number of discounted homes. Out of 26 markets, 19 saw double-digit jumps.

Five major markets saw their price-reduced inventory rise more than 75 percent compared to November 2009, all but one in California: San Diego (108.4 percent), San Francisco (100 percent), Orange County (91 percent), Los Angeles (78.6 percent) and Las Vegas (83.3 percent).

"Typically, November is a slower month for sales," said John Oldham, ZipRealty’s director of marketing, in a statement. "The increase in price-reduced listings is evidence that sellers are still trying to find the right price point to get the property to sell."

Listings had been reduced an average of two times. The median list price last month was $234,484, down 2.8 percent from October and 14.5 percent from November 2009. The median price reduction was $19,228, down 1 percent month-to-month and 19.5 percent year-over-year.

The ratio of price reduction amount to list price was 7.6 percent, up 1.7 percent from October.

Inventory typically goes down month-to-month in November, when many people decide to wait until after the holidays to sell, and this month was no exception. Inventory was down 3.8 percent from October. On a year-over-year basis, however, inventory continued to trend up: it rose 11.6 percent, to 629,086 properties.

More than half of sellers had slashed their listing prices in 11 out of 26 markets: Philadelphia; Seattle; Boston; Orange County, Calif.; Baltimore; Chicago; Orlando, Fla.; Minneapolis/St. Paul; Jacksonville, Fla.; Phoenix; and Las Vegas.

Jacksonville led the pack with 56.2 percent of its listings discounted, followed closely by Phoenix at 56.1 percent. As in October, Denver had the smallest share of discounted listings, at 34.2 percent.

Show Comments Hide Comments


Sign up for Inman’s Morning Headlines
What you need to know to start your day with all the latest industry developments
By submitting your email address, you agree to receive marketing emails from Inman.
Thank you for subscribing to Morning Headlines.
Back to top
Log in
If you created your account with Google or Facebook
Don't have an account?
Forgot your password?
No Problem

Simply enter the email address you used to create your account and click "Reset Password". You will receive additional instructions via email.

Forgot your username? If so please contact customer support at (510) 658-9252

Password Reset Confirmation

Password Reset Instructions have been sent to

Subscribe to The Weekender
Get the week's leading headlines delivered straight to your inbox.
Top headlines from around the real estate industry. Breaking news as it happens.
15 stories covering tech, special reports, video and opinion.
Unique features from hacker profiles to portal watch and video interviews.
Unique features from hacker profiles to portal watch and video interviews.
It looks like you’re already a Select Member!
To subscribe to exclusive newsletters, visit your email preferences in the account settings.
Up-to-the-minute news and interviews in your inbox, ticket discounts for Inman events and more
1-Step CheckoutPay with a credit card
By continuing, you agree to Inman’s Terms of Use and Privacy Policy.

You will be charged . Your subscription will automatically renew for on . For more details on our payment terms and how to cancel, click here.

Interested in a group subscription?
Finish setting up your subscription